Saturday, July 12, 2014





Low disaster costs give Munich Re a Q1 profit lift


May 07. 2013 3:36AM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) Reinsurance company Munich Re says its first-quarter net profit rose 25 percent as the company saw modest outlays for natural disasters and raised its prices for catastrophe coverage.


Net profit was 979 million euros ($1.28 billion) in the first three months of the year, up from 782 million euros the same quarter a year ago. Gross premiums for all its insurance and reinsurance businesses rose 0.5 percent to 13.28 billion euros.


The company said Tuesday its payouts were low as it faced fewer claims for catastrophic events such as Hurricane Sandy, which hit the east coast of the U.S. in the fourth quarter.


Munich Re also said it had been able to raise prices for reinsurance coverage, which backstops primary insurers so the system can cover large losses from disasters.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds